Latest Ratios: P/E Ratio 20.0x · EV/EBITDA 12.7x · ROE 9.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $98.2B | $91.1B | $83.2B | $74.8B | $79.3B | $80.7B | $67.6B | $66.5B | $61.1B | $58.9B | $53.6B |
| Enterprise Value | $188.8B | $181.7B | $168.1B | $155.0B | $153.8B | $148.6B | $131.4B | $128.9B | $118.6B | $113.4B | $104.4B |
| P/E Ratio → | 19.96 | 18.58 | 18.87 | 17.87 | 32.49 | 21.23 | 53.23 | 18.03 | 22.89 | 19.29 | 24.96 |
| P/S Ratio | 3.05 | 2.83 | 2.74 | 2.57 | 2.76 | 3.28 | 2.89 | 2.65 | 2.49 | 2.50 | 2.36 |
| P/B Ratio | 1.85 | 1.72 | 1.62 | 1.49 | 1.53 | 1.58 | 1.37 | 1.39 | 1.39 | 1.41 | 1.31 |
| P/FCF | — | — | 1732.82 | — | — | — | — | — | — | — | — |
| P/OCF | 7.95 | 7.37 | 6.75 | 7.57 | 13.38 | 9.73 | 7.63 | 8.10 | 8.50 | 8.89 | 7.89 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.64 | 5.54 | 5.33 | 5.35 | 6.04 | 5.62 | 5.14 | 4.84 | 4.81 | 4.59 |
| EV / EBITDA | 12.67 | 12.19 | 11.72 | 11.79 | 12.97 | 13.31 | 13.06 | 11.84 | 12.64 | 11.73 | 11.50 |
| EV / EBIT | 22.02 | 19.44 | 19.60 | 19.92 | 23.60 | 23.97 | 43.55 | 20.45 | 22.95 | 18.14 | 18.48 |
| EV / FCF | — | — | 3501.90 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.6% | 31.6% | 50.1% | 47.3% | 45.1% | 48.6% | 48.6% | 46.1% | 42.9% | 45.4% | 42.3% |
| Operating Margin | 26.6% | 26.6% | 26.1% | 24.3% | 20.9% | 22.3% | 19.6% | 22.8% | 19.1% | 23.9% | 22.9% |
| Net Profit Margin | 15.4% | 15.4% | 14.9% | 14.8% | 8.9% | 15.9% | 5.9% | 14.9% | 10.9% | 13.0% | 11.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.5% | 9.5% | 8.9% | 8.4% | 5.0% | 7.8% | 2.8% | 8.2% | 6.2% | 7.4% | 6.6% |
| ROA | 2.6% | 2.6% | 2.5% | 2.4% | 1.5% | 2.4% | 0.9% | 2.5% | 1.9% | 2.3% | 2.1% |
| ROIC | 4.6% | 4.6% | 4.5% | 4.1% | 3.7% | 3.6% | 3.1% | 4.0% | 3.6% | 4.5% | 4.5% |
| ROCE | 5.0% | 5.0% | 4.9% | 4.4% | 3.8% | 3.7% | 3.2% | 4.2% | 3.7% | 4.6% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.71 | 1.71 | 1.66 | 1.60 | 1.44 | 1.33 | 1.30 | 1.31 | 1.32 | 1.30 | 1.23 |
| Debt / EBITDA | 6.10 | 6.10 | 5.94 | 6.12 | 6.32 | 6.12 | 6.37 | 5.76 | 6.18 | 5.63 | 5.55 |
| Net Debt / Equity | — | 1.71 | 1.66 | 1.60 | 1.44 | 1.33 | 1.30 | 1.30 | 1.31 | 1.31 | 1.24 |
| Net Debt / EBITDA | 6.08 | 6.08 | 5.92 | 6.10 | 6.28 | 6.08 | 6.35 | 5.73 | 6.13 | 5.64 | 5.59 |
| Debt / FCF | — | — | 1769.08 | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.57 | 2.57 | 2.53 | 2.58 | 2.67 | 2.81 | 1.40 | 2.86 | 2.47 | 3.15 | 3.27 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.67 | 0.74 | 0.70 | 0.62 | 0.53 | 0.62 | 0.65 | 0.68 | 0.70 |
| Quick Ratio | 0.33 | 0.33 | 0.44 | 0.49 | 0.51 | 0.43 | 0.34 | 0.40 | 0.44 | 0.42 | 0.39 |
| Cash Ratio | 0.01 | 0.01 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 |
| Asset Turnover | — | 0.16 | 0.16 | 0.16 | 0.16 | 0.15 | 0.14 | 0.16 | 0.17 | 0.17 | 0.17 |
| Inventory Turnover | 4.83 | 4.83 | 3.36 | 3.57 | 4.41 | 4.07 | 3.79 | 4.18 | 4.54 | 3.98 | 3.72 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.4% | 3.6% | 3.9% | 4.3% | 4.0% | 3.9% | 4.2% | 4.0% | 4.0% | 4.2% | 4.3% |
| Payout Ratio | 66.4% | 66.4% | 71.2% | 75.5% | 124.7% | 79.7% | 204.2% | 71.2% | 92.7% | 80.1% | 87.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 5.4% | 5.3% | 5.6% | 3.1% | 4.7% | 1.9% | 5.5% | 4.4% | 5.2% | 4.0% |
| FCF Yield | — | — | 0.1% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.4% | 3.6% | 3.9% | 4.3% | 4.0% | 3.9% | 4.2% | 4.0% | 4.0% | 4.2% | 4.3% |
| Shares Outstanding | — | $777M | $772M | $771M | $770M | $769M | $738M | $729M | $708M | $700M | $691M |
Regulatory lag and leverage
According to current market data, Duke Energy trades at a forward P/E of 19.15, reflecting its status as a regulated utility where valuation is primarily tethered to authorized ROE and interest rate environments rather than aggressive growth expectations typical of non-regulated sectors.
The current valuation suggests that investors are pricing the stock as a bond proxy, where the 3.3% dividend yield serves as a critical floor for total return expectations. The premium relative to historical ranges may indicate market confidence in the Carolinas' regulatory construct, though investors should monitor whether this multiple remains sustainable if interest rates remain elevated.
Based on the provided quarterly data, Duke Energy's earned ROE has fluctuated between 1.7% and 2.8% over the last ten quarters, which appears significantly below typical industry-authorized levels, suggesting potential regulatory lag or the impact of heavy non-cash accounting adjustments on headline profitability metrics.
This discrepancy between reported ROE and standard regulatory expectations warrants further investigation into the company's cost recovery mechanisms. If the earned ROE remains at these levels, it may indicate that the company is struggling to translate its massive capital investment program into immediate bottom-line earnings growth.
As reported in financial statements, the company's debt-to-capital ratio has remained stubbornly near 0.62-0.63 over the last ten quarters, highlighting the persistent leverage required to fund the massive infrastructure modernization projects necessary for long-term rate base expansion.
The consistent reliance on debt financing to bridge the gap between CAPEX and internal cash generation appears to limit financial flexibility. Investors should monitor the FFO-to-debt ratio, as any deterioration here could signal increased credit risk and potential pressure on the company's investment-grade rating.
Data from the last ten quarters indicates that the dividend payout ratio has been highly volatile, ranging from 2.7% to over 113%, which suggests that dividend coverage is heavily influenced by the timing of large-scale capital project completions and regulatory rate case outcomes.
While the dividend remains a core component of the investment thesis, the wide variance in payout ratios implies that internal funding of the CAPEX program may occasionally compete with shareholder distributions. This volatility warrants caution, as it suggests the dividend is not as insulated from operational cash flow fluctuations as a pure-play utility might typically be.
As noted in industry research, the P/E ratio is frequently misapplied to Duke Energy by comparing it to broader market indices, which obscures the fact that utility earnings are artificially smoothed by regulatory accounting and do not reflect the same cyclicality as industrial earnings.
Investors should instead focus on the relationship between the stock price and the regulatory rate base, as the latter is the true driver of long-term value. Relying on P/E alone ignores the impact of AFUDC and other non-cash regulatory assets that can distort the denominator, leading to an inaccurate assessment of the company's true earnings power.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DUK stock.
Duke Energy Corporation's current P/E ratio is 20.0x. The historical average is 17.7x. This places it at the 72th percentile of its historical range.
Duke Energy Corporation's current EV/EBITDA is 12.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Duke Energy Corporation's return on equity (ROE) is 9.5%. The historical average is 8.0%.
Based on historical data, Duke Energy Corporation is trading at a P/E of 20.0x. This is at the 72th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Duke Energy Corporation's current dividend yield is 3.37% with a payout ratio of 66.4%.
Duke Energy Corporation has 31.6% gross margin and 26.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Duke Energy Corporation's Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.